Village to reimburse Sears: Hoffman Estates sold $112.38...

October 25, 1990

Village to reimburse Sears: Hoffman Estates sold $112.38 million in tax-exempt bonds to reimburse Sears, Roebuck and Co. for its costs to acquire land in the village for its new Merchandise Group headquarters. As part of a deal that kept Chicago-based Sears and the group`s more than 5,000 jobs from moving out of state, Hoffman Estates will turn over $80.8 million of the bond proceeds to Sears. The money will cover all but about $6.2 million that Sears spent this summer to assemble its 788-acre site.